Huawei posts 2.4% revenue growth in first 9 months on back of Mate 60 series smartphone launch

The Shenzhen-based company said its revenue from January to September reached 456.6 billion yuan, up 2.4 per cent compared with the same period last year

The latest financial results come after Huawei made a strong comeback in the smartphone market with the surprise launch of Mate 60 series smartphones

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Huawei Technologies’ signage at the World Internet of Things Exposition in Wuxi, China, Oct. 21, 2023. Photo: Bloomberg

Published: 4:03pm, 27 Oct 2023Updated: 4:07pm, 27 Oct 2023

Huawei Technologies maintained revenue growth momentum in the first three quarters of 2023, on the back of strong sales of its Mate 60 series 5G smartphones as the company continues to defy the impact of US sanctions.

On Friday, the Shenzhen-based company said its revenue from January to September reached 456.6 billion yuan (US$62.4 billion), up 2.4 per cent compared with the same period last year. However, revenue growth was slower than the 3.1 per cent increase in the first half.

Net profit margin in the first nine months was 16 per cent as Huawei recorded partial gains from the sale of businesses and improved efficiency, a slight improvement from the 15 per cent in the first half, according to the company.

Huawei said the performance was in line with forecasts. While the company is privately held, it voluntarily discloses key financial data on a regular basis.

Although Huawei did not provide breakdowns for its main segments, the company said its consumer business, which includes smartphones and electric cars under the Aito brand, reported revenue growth, and the company highlighted the rapid growth of its enterprise-facing cloud business which includes its artificial intelligence (AI) model Pangu.

“Moving forward, we will continue to increase our investment in R&D to make the most of our business portfolio and take the competitiveness of our products and services to new heights,” Huawei’s rotating chairman Ken Hu Houkun said in a statement.

The latest financial results come after Huawei made a strong comeback in the smartphone market with the surprise launch of Mate 60 series smartphones in late August, which featured the made-in-China 5G Kirin 9000s processor, that was achieved despite US tech sanctions.